MIAMI, Oct. 23, 2017 (GLOBE NEWSWIRE) — Etrion Corporation (“Etrion” or the “Company”) (TSX:ETX) (OMX:ETX), a solar independent power producer, announces today that it has purchased a nominal amount of approximately EUR 6.3MM of its outstanding corporate bonds (the “Bonds”) at par value, from certain existing bondholders. These Bonds will be held by the Company as an investment and will be reported as such in its financial statements. Following this purchase of Bonds, the Company’s annual interest cost will be EUR 2.7MM ($3.2MM) per annum, a 17 % reduction from the previous amount.
Marco Antonio Northland, Etrion’s Chief Executive Officer, commented: “I am very pleased that we were able to complete this purchase of a portion of our outstanding bonds. I believe it is an excellent use of some of our current liquidity, while also leaving the Company with ample cash to continue to execute on our business plan and be fully funded through 2018.”
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns 113 MW of installed solar capacity in Chile and Japan. Etrion has 13 MW of solar projects under construction in Japan and is also actively developing additional greenfield solar power projects in Japan. Etrion is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm Exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 24% of the Company’s shares directly and through various trusts.
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).
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Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 08:05 a.m. CET on October 23, 2017,
This press release contains certain “forward-looking information”, which include all statements, other than statements of historical fact, that address activities, events or developments that Etrion believes, expects or anticipates will or may occur in the future. This forward-looking information reflects the current expectations or beliefs of Etrion based on information currently available to it as well as certain assumptions (including assumptions as to growth of its operations in Japan). Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause actual results to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Etrion. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risks that: Etrion may not be able to obtain all applicable permits for the development of its current Japanese development projects; Etrion may not be able to obtain the necessary financing for such projects on economic terms and the development costs for such projects may be higher than anticipated; and Etrion may not be able to source additional projects in Japan on economic terms to the extent anticipated.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Etrion disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Etrion believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty thereof.
For additional information, please visit the Company’s website at www.etrion.com or contact:
Paul Rapisarda – Chief Financial Officer
Telephone (Miami, FL, USA): +1 (786) 636-6449
Telephone (Geneva, Switzerland): +41 (22) 715 20 90